Toronto Status Certificate Review

Buyers and sellers will want to contact a real estate lawyer as soon as an Offer to Purchase is signed. Conveyance of a property can be complex and time-consuming – real estate lawyers have the experience and expertise to make sure the process is smooth and headache-free. Your Lawyer can explain the terms in plain language the steps you will need to take and help you guide throughout the process.

Real estate lawyers provide a wide range of services, including drafting and reviewing contracts, negotiating deals, conducting due diligence, advising on zoning and land use regulations, handling title searches, and order title insurance.

Whenever you are involved in a real estate transaction, whether you are buying, selling, leasing, or managing property, you should consider hiring or consulting a lawyer.

A title search is a process of examining public records to determine the legal ownership of a property and to identify any liens, mortgages, or other encumbrances on the property.

Title insurance is an insurance policy that protects the buyer and lender from losses that may occur due to defects in the title, such as undisclosed liens, boundary disputes, or errors in public records.

Disbursements refer to the various expenses incurred during a real estate transaction. These expenses can include things like land transfer taxes, title searches, title insurance, appraisal fees, tax certificates, software and office charges, and any other costs that are associated with the transfer of ownership from one party to another.

The Agreement of Sale and Purchase is a legally binding document that can be enforced in court. Therefore, it is not advisable to sign a second agreement without the seller's consent to release you from the first agreement, or without being willing and able to purchase both properties.

While it is possible to back out of a real estate deal, there are potential consequences. In cases where the seller incurs expenses such as mortgage holding costs or legal fees, or is unable to quickly resell the property, there is a likelihood that you may lose some or all of your deposit. Furthermore, if your offer was considerably higher than the new buyer's, the other party may choose to pursue legal action against you.

Purchasing land entails paying taxes to the Province of Ontario, determined by the land's assessed value. If you are a first-time homebuyer, you may qualify for a partial land transfer tax refund.

Please refer to the Government of Ontario website for calculating the Ontario Land Transfer Tax:

https://www.ontario.ca/document/land-transfer-tax/calculating-land-transfer-tax

If the property is located in Toronto then an additional Toronto Municipal Land Transfer Tax will also apply:

https://www.toronto.ca/services-payments/property-taxes-utilities/municipal-land-transfer-tax-mltt/mllt-calculator/

The cost of hiring a real estate lawyer varies depending on the nature of the work, the type of the real estate transaction, the complexity of the transaction, and the experience of the lawyer. Some lawyers charge on an hourly basis, while others charge a flat fee.

Real estate agents can help you find a property that suits your needs and provide valuable assistance in buying or selling a property, but they are not licensed to provide legal advice. It is important to hire a real estate lawyer to ensure that your legal interests are protected.

An agreement of purchase and sale is a legally binding agreement between a buyer and seller that outlines the terms and conditions of a real estate transaction, including the purchase price, financing terms, and contingencies. It defines the rights and obligations of both sides regarding the subject real estate transaction.

Typically, certain agreements of purchase and sale contain contingencies (or conditions) that must be met before a real estate transaction can be completed. Common contingencies include home inspections, financing approval, and appraisal.

An easement is the legal right for one property owner to enter another’s without permission. An Easement runs with the land and binds all subsequent owners.

Yes, a real estate lawyer can help with leasing commercial property by negotiating lease terms, reviewing contracts, and ensuring that the lease complies with applicable laws and regulations. Both landlords and tenants can hire their own real estate lawyers in order to obtain legal advice and other legal services regarding the lease.

Real Estate Lawyers handle the Conveyancing of the Property, which includes handling the paperwork that transfers the property title to your name, dealing with your mortgage financing, and coordinating paying the seller the purchase price. Real estate lawyers review the legal documents and issues related to a transaction, including the legal review of the Agreement of Purchase or Agreement of Sale.

Buying or selling a home in Toronto might be challenging since this may be the most important transaction in a lifetime. While making every effort to ensure the transaction is closed smoothly and on time, our lawyers will also assist you in understanding the details of your transaction and strive to be accessible to you throughout the process. We provide quality legal services in real estate law to individuals and businesses while protecting the best interest of our clients, even in the most complex matters.